Murugappa group’s electric vehicle arm TI Clean Mobility Pvt. Ltd. (TICMPL) is planning to raise one more round of funds to meet its business growth plans, said a top official.
“We continue to be in the process of raising one more round of funds,” said Executive Vice Chairman Vellayan Subbiah during an earnings call.
In the current fiscal, the company has spent about ₹300 crore, and in the next fiscal, it is planning to invest about ₹460 crore for all businesses put together in TICMPL.
Asserting that they are not giving any guidance on when the losses will stem in EV, he said they are focused on establishing that business. TICMPL has got two products out and two more product platforms will be added this year.
TICMPL has launched e3w Montra (electric auto), which is doing extremely well in the South. The company has started moving towards north and east. It is in the process of increasing the dealerships in this quarter.
Deliveries of heavy trucks should start in Q4. The homologation process of tractors and small commercial vehicles is on and the products will hit the market by August or September, he said.
On the recently acquired Jayem Auto, he said it is leading the development of small commercial vehicle.
“Currently, we are developing the first product there which is a 3.5 tonne small commercial vehicle. We will develop three products on the small commercial vehicle platform and all of them will be driven by Jayem initially. So, that is what they are working on,” he said.
